Financial Self Defense

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What you need to know about managing money when you're going through major life transitions such as marriage, divorce, or retirement.

Published in: Economy & Finance, Business
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Financial Self Defense

  1. 1. Financial Self Defense<br />
  2. 2. “Now that I am alone…what do I do?<br />Find a starting point<br />Focus on financial recovery<br />Seek help from legal, investment and tax professionals<br />
  3. 3. The Road to Financial Recovery<br />Ending a relationship<br />Avoiding tax nightmares<br />Take control of credit<br />Stay on track with savings and retirement planning<br />Protect your assets for your heirs<br />
  4. 4. Divorce/Dissolution of Marriage<br />Seek help from a licensed attorney who specializes in matrimonial or family law<br />A divorce can be as simple or as complicated as two people can make it<br />Any issues you cannot agree on (property division, child custody, financial) will be decided by the court<br />
  5. 5. Facing the Tax Man<br />Update your W-4<br />Change your filing status<br />Up to 3 years to amend filing from Head of Household to Married<br />Widows and widowers exemptions<br />
  6. 6. Managing Income & Credit<br />Take control of your spending FIRST<br />Finances are an ongoing responsibility<br />Close all joint credit card accounts, or have one party re-apply and take over accounts<br />Check your credit report<br />
  7. 7. Savings & Retirement<br />Who can claim what?<br />Update your beneficiary information on all accounts and insurance policies<br />401(k) or IRA often best way to start<br />Don’t neglect emergency savings<br />
  8. 8. Planning Your Estate<br />If you don’t have a will, your assets will be divided according to Florida law<br />Children cannot inherit until age 18<br />Benefits and drawbacks of establishing a trust<br />
  9. 9. In Summary<br />Plan for both your short-term and long-term financial responsibilities<br />Don’t go it alone – seek professional help<br />No excuse – make a BUDGET<br />Consider changing your tax information<br />Make a plan to become credit independent<br />Save for today, and for tomorrow<br />Make a plan to preserve your wealth<br />

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